Stock market today: Live updates

47 minutes ago

Regional banks crushed by market reaction Wednesday to March inflation

It’s not immediately clear whether regional banks fell as much as they did Wednesday in response to accelerating inflation in March and the subsequent upward repricing of Treasury yields. After all, the S&P 500 financial index only fell 1.5%, compared to a 1% decline for the S&P 500.

But the S&P 500 Financials contains all sorts of entities, from the nation’s largest banks such as JPMorgan and Bank of America to the credit card networks Visa and Mastercard.

Take a closer look at regional banks to find the S&P 1500 Regional Bank Index, made up of all those from the S&P 500, S&P Midcap 400 and S&P Smallcap 600, to see it down 4.5% on Wednesday. Examples of carnage abound: Long Island’s New York Community Bancorp lost 8.1 percent, Boston’s Brookline Bancorp lost 5.9 percent, and Phoenix’s Western Alliance Bancorp lost 5.8 percent. MVB Financial of West Virginia fell 5.1% and BCB Bancorp of New Jersey fell 4.5%.

Bank of America analysts said Monday that investors will scrutinize banks’ first-quarter earnings reports for “potential areas of vulnerability amid higher, longer-term rates (commercial real estate, overall credit, costs deposits) while seeking a floor in net interest income. NII; ~80% of income on average).”

-Scott Schnipper

An hour ago

Vertex Pharmaceuticals acquires Alpine Immune Sciences

Shares of Vertex Pharmaceuticals fell 1% in extended trading after the biotechnology company said it would acquire Alpine Immune Sciences for $4.9 billion in cash, or about $65 per share.

Alpine shares jumped more than 36% after the bell. The biopharmaceutical company is developing protein-based immunotherapies to treat certain autoimmune diseases.

-Samantha Subin

An hour ago

Stock futures open lower Wednesday evening

U.S. stock futures were lower Wednesday evening.

Futures tied to the S&P 500 slipped 0.2%, while Dow futures fell 79 points, or 0.2%. Nasdaq 100 futures slipped 0.16%.

Darla Mercado

News Source :
Gn bussni

Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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